Clothing firm Magee returns to profit

One of the country’s best known fashion brands, Magee, reported strong sales demand and customer sentiment this year leading to improved trading.

New accounts filed by Donegal Bay Group Ltd show the group returned to profit last year, with pretax earnings of €784,986. The return to profit followed revenues rising by 22 per cent to €8.75 million. Numbers employed increased by one to 80 last year as staff costs totalled €2.33 million.

Chief executive of Magee Clothing, Rosy Temple, said: “Covid-19 continued to have an impact on retail trading in 2021 with the prolonged closure of non-essential retails.“ She said Magee “has seen an encouraging recovery in the latter half of 2021 and into 2022, with strong demand across all areas; from our fabrics designed and woven in the weaving mill in Donegal Town to the lifestyle collections for men, women, home interiors and accessories”.

The directors state that it continued to avail of Covid-19 government supports last year and the amount the firm received in “other operating income” last year totalled €1.38 million and this followed €596,185 received under that heading in 2020.

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At the end of last year the group’s shareholder funds totalled €3.65 million, while the group’s cash funds last year increased from €1.39 million to €1.88 million.